Incorporated on 16th July 1846.
A 17 mile standard gauge line linking Slotfield and Lossiemouth Harbour to Elgin and Craigellachie, intended to take on timber freight from the valleys. Only partially built but extended in 1856 to its original destination, and further in later years. The line passed to the Great North of Scotland Railway in 1880.

Original Capital £75,000 in 13,000 Shares of £50 each. Loans of £21,500. This amount was reduced to £29,700 in £10 shares, and £9,000 in loans due to it’s incomplete state.
Additional capital for extension to original terminus of £25,000 and £8,333.